Monday, November 21, 2005
Intel and Micron Technology on Monday said they would form a venture to make NAND flash memory for consumer electronics, removable data storage and handheld communications devices.
Intel and Micron also said Apple Computer would pay each company $250 million for a "significant portion" of their share of the venture's NAND flash memory output.
Each company will contribute about $1.2 billion in cash, notes and other assets to form the company, dubbed IM Flash Technologies LLC. Intel and Micron also plan to pay an additional $1.4 billion each into the company over the next three years.
Micron will own 51 percent of the new company, and will consolidate financial results on its balance sheet.
"It sounds like it is a new company that is going to do other things, but the first and largest customer is Apple, and it is likely to be the largest customer for a while," said Eric Ross, an analyst at ThinkEquity Partners.
By: DocMemory
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